OLSHAN LUXURY MARKET REPORT

Fill in your address below to receive this regular report via email



Subscribe | Unsubscribe


June 2-8, 2014

Report on Contracts Signed
NYC Residential Properties
$4 Million and Above

25 Contracts Signed

Quelle Surprise!

The French government made its mark last week on Manhattan’s luxury real estate market. It scored the No. 1 contract at $4 million and above: a townhouse at 1143 Fifth Avenue, asking $32.5 million. The 7-story, 30-foot-wide house has 15,624 square feet, and is divided into 11 apartments, including a 5-bedroom duplex. Built in 1923, the house was designed by the architect J.E. Carpenter, and is one of several houses owned by the French government in Manhattan. It was purchased in 1992 when NYC did not publicly record prices, but the investment unquestionably paid off: France likely reaped as much as 20 times its original investment.

The No. 2 contract was also a townhouse: 11 East 89th Street, asking $22.5 million. This 6-story, 25-foot-wide limestone house was built in 1912, and is owned by the Church of Heavenly Rest. It is leased to the Trevor Day nursery school, and as a result, this elegant mansion-style house has been chopped up into reception rooms, classrooms, and offices.

Year-to-date, the number of contracts on townhouses at $4 million and above is 10% lower than over the same period last year, probably reflecting the lack of overall inventory. Nevertheless, the average asking price is $9,819,623, up 12% over the same period.

NYC Luxury Tracking Scoreboard: Sales $4 Million and Above
June 2-8, 2014

East

West

Midtown

Downtown

Asking $/sq.ft.

Totals

Co-ops

5

0

0

1

Avg. Asking: $9,047,500

6

Condos

5

1

2

6

Avg. Asking:$7,342,911
Avg.$/sq.ft.;$2,832/sq.ft.
Avg.Sq.Ft.:2,532sq.ft.

14

Condops *

0

0

0

0



0

Townhouses

3

1

0

1

Avg.Asking:$15,709,000
Avg.$/sq.ft:$1,879/sq.ft.
Avg.Sq.Ft.:8,359sq.ft.

5

Totals

13

2

2

8

25

Total Weekly Asking Price Sales Volume: $235,630,750
Average Asking Price: $9,425,000
Median Asking Price: $6,750,000
Average Discount from Original Ask to Last Asking Price:3%
Average Days on Market:193
*Condop is a co-op with condo rules.

TO VIEW 20 CONTRACTS SIGNED ON APARTMENTS:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/140807eddc7f4d.htm


TO VIEW 5 CONTRACTS SIGNED ON TOWNHOUSES:
Please click here to view the listings. If that doesn't work, please copy and paste the following address into your browser. Alternatively, you can Press Control and Click on the link below:
http://media.realplusonline.com/webreports/1408079d10251d.htm

Donna Olshan
President
dso@olshan.com

Emily Chen
Private Wealth Real Estate Services
Chief of Research
ecc@olshan.com

CLICK HERE TO VIEW PAST MARKET REPORTS.

Email Olshan Olshan on Twitter Olshan on Facebook